Long-term care insurance should be considered by individuals

Question

Quizplus · Accepted Answer

Long-term care insurance is designed to cover the costs associated with extended care and support for individuals who are unable to perform basic activities of daily living on their own. As such, it is most appropriate for individuals who have not yet met their financial goals to fund their retirement or those who want to protect their assets from being depleted by long-term care costs. Individuals who have already been diagnosed with a life-threatening illness may have difficulty obtaining coverage, and those who are already covered by their group insurance policy may not need additional coverage. Long-term care insurance is not typically recommended for individuals who have limited income, as the premiums may be too high.

Long-Term Care Insurance Should Be Considered by Individuals